Decentralized approach to Random Number Generation

Can a truly trustless Random Number Generation can be created by a group of participants in a decentralized manner!

Here is the proposed algorithm:

Everyone picks a secret number from 0 to M-1
Everyone appends a load of random gunk to their number and hashes the result with a secure hash
Everyone commits their hash to a smart contract.
When all participants have committed the hash, everyone submits their secret number, plus the random gunk they appended to it.
Smart Contract verifies that the secret numbers and hashes match.
Add all the secret numbers together modulo M, then adds 1 to get the final result.

What are your opinion about such an algorithm will work or not on a blockchain!

References:
https://stackoverflow.com/questions/224058/distributed-random-number-generation#answer-224067

The post has a date prior to the birth of bitcoin. So, in present world of blockchain with smart-contracts, can such an algorithm work successfully?
What are the possible causes that can make it not work!

Any views from the community is welcome!

Topic: Decentralized approach to Random Number Generation (Read 170 times)